CONTACT CONGRESS: Support Judges Modifying Mortgages NOW! Otherwise, It’s All Up to the Banks.
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In the next 2-3 years, it is estimated that there will be an additional 14 million foreclosures in this country. That will make the total roughly 20 million homes lost in this catastrophic recession.
But it won’t stop there. Foreclosures breed foreclosures. And 20 million foreclosures just means that millions more homeowners will find themselves seriously underwater… owing quite a bit more than their house is worth… and they’ll walk away… just like 18% are doing now. And that will mean even more foreclosures after that. And that will mean everyone’s property values continue to fall, which will bring even more foreclosures.
Both President Bush and President Obama have tried to put plans in place to stop the flood of foreclosures… BOTH HAVE FAILED. Why? Isn’t it obvious?
The banks cannot be trusted to act in anyone’s interest but their own. The government has given them hundreds of billions of dollars, after they bankrupted themselves. And yet, they act as if it’s business as usual.
This year alone, the major banks in this country are paying out $91 BILLION in BONUSES to their executives!
The only answer is to allow judges to modify mortgages for homeowners in bankruptcy court. Here are a few facts that will show you why this is so important:
1. President Obama’s Making Home Affordable program was designed to work with “a carrot and a stick”. The “carrot” is the money banks receive when they modify a loan, and the “stick” was supposed to be allowing judges to modify the loans. Without the “stick,” the plan cannot work.
2. Banks don’t modify their behavior for the same reason I wouldn’t modify my driving habits if there weren’t Highway Patrol officers out there to give me a ticket or take me to jail if I drive 100 miles per hour. No stick.
3. Allowing judges to modify mortgages in bankruptcy court WILL NOT increase borrowing costs in the future, which is what the banking lobby is saying and wants you to believe. The amendment only allows judges to modify mortgages that are already in existence when the bill is signed. It will have NO EFFECT on borrowing in the future whatsoever. NONE.
4. If we allow judges to modify mortgages on primary residences, chances are they’ll never get the chance… because the banks will modify them… like they’re supposed to.
5. Judges can already modify every other type of loan in bankruptcy court, just not mortgages on primary residences. Allowing them to do so will help stop the foreclosure crisis that is hurting every homeowner in America… AND IT WON’T COST THE TAXPAYERS A DIME!
Our economy cannot begin to recover until we stabilize the housing market. We’ve tried letting the banks decide… and look where we are today.
The only people opposed to this amendment are the bankers and financial service companies. We can’t turn our country over to them, can we?
Click the button below NOW, 24/7. There is literally NO TIME TO SPARE… You don’t even need to know your representative’s name. All you need to know is your own name, address, phone and zip code. The letter is already written for you. Just enter your information and click the button to send. It’s that simple and takes less than a minute. OR YOU CAN CALL 877.354.4958 DURING REGULAR BUSINESS HOURS.
DO IT NOW. IF YOU DON’T, IT WILL ALL BE UP TO THE BANKS.